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IFC Helps Georgian Agribusiness Firms Improve Standards, Promoting Economic Development


In Tbilisi:
Tamar Barbakadze, IFC

Phone: +995 32 223 43 00/01/02

E-mail:
TBarbakadze@ifc.org


Tbilisi, Georgia, November 27, 2013—IFC, a member of the World Bank Group, has launched a new program to improve the performance of agribusiness companies in Europe and Central Asia, where such firms have the potential to create jobs and drive economic growth.

The IFC Agribusiness Standards Advisory Program, presented to Georgian companies today, is designed to help businesses implement sound environmental, social, and food safety management systems. These can help firms reduce operational costs, boost productivity, reduce waste, and access new markets.


Such advancements are particularly important in some regional countries where infrequently-applied standards cause spoilage, reduce worker productivity, and present greater risks to the environment and neighboring communities.


“Agriculture in Georgia has significant potential. However, a lack of standards in agribusiness hampers the development of the sector,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus. “IFC will build upon its recent work with food producers in the area of food safety, helping address the multiple challenges facing these companies and, ultimately, improving productivity.”


Agribusiness is a priority for IFC in Europe and Central Asia. IFC supports the growth of the sector through comprehensive set of investment and advisory services along the agribusiness value chain. The IFC Agribusiness Standards Advisory Program in Europe and Central Asia is part of those efforts. The program is supported with funds from the Ministry of Finance of Austria.


Georgia became an IFC member in 1995. Since then, IFC has invested about $656 million in 51 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on developing the private sector.


About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org.

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For more information about the Ministry of Finance of Austria
, please visit:
http://english.bmf.gv.at